As home prices continue to grow in North Carolina's Triad region, local Realtors are reporting that a significant portion of their business comes from out-of-town newcomers and "boomerang" buyers. Boomerang buyers are those who grew up in the Triad area, moved away for college or work, and have now returned to the region to settle down.

One of the reasons that the Triad is attracting so many new buyers is its relatively low cost of living. Winston-Salem, in particular, has ranked among the most affordable largest U.S. metro areas and one of the cheapest cities to live in the U.S. The cost of living in the Triad is 22.6% cheaper than Charlotte and 26% less than the Triangle.

In contrast, higher interest rates have caused some local buyers to lock in their rates, making them hesitant to move within the region. Those with low fixed rates are reluctant to give them up, and even rising home prices are often not enough to motivate them to pay higher lending rates.

While the Triad real estate market is no longer experiencing the bidding wars and fierce competition that defined the pandemic-era housing boom, sellers are generally able to get their asking price for a property, although they may make certain compromises, such as paying for mortgage points or assisting with closing costs.

Is there anything that The Sharpe Mortgage Team can do for you this week? If you’re interested in purchasing a home or refinancing your current home in Winston-Salem or the surrounding areas, give us a call! We can talk about your financial goals and discuss a loan program that might be right for you.